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Evergy Inc – Electric Bulk Power Transmission and Control
evergy, inc., through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in kansas and missouri. it generates electricity through coal, nuclear, natural gas and oil, uranium, wind, hydroelectric, landfill gas, and solar energy sources, as well as other renewable sources. the company has approximately 10,100 circuit miles of transmission lines; 39,700 circuit miles of overhead distribution lines; and 12,700 circuit miles of underground distribution lines. it serves approximately 1,604,300 customers, including residences, commercial firms, industrials, municipalities, and other electric utilities. the company was incorporated in 2017 and is headquartered in kansas city, missouri.
Analysis Results
Intrinsic Value $84.09
Latest Price $53.30
Relative Value 37% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 14.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 450 428
2024 513 464
2025 585 502
2026 667 544
2027 760 589
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 22800 million. This corresponds to a present value of 16800 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2530 million. Adding in the terminal value gives a total present value of 19300 million.

There are presently 230.0 million outstanding shares, so the intrinsic value per share is 84.09.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,842,000,000
Current Cash 25,200,000
Current Liabilities 3,493,800,000
Current Debt 2,130,400,000
Non-Cash Working Capital (NCWC) 453,400,000
Change in NCWC 4,600,000
EBIT 1,309,400,000
Tax Provision 47,500,000
Depreciation and Amortization 984,900,000
Capital Expenditure -2,166,500,000
Unlevered Free Cash Flow 55,850,461
Current Assets 1,710,300,000
Current Cash 26,200,000
Current Liabilities 3,102,900,000
Current Debt 1,867,600,000
Non-Cash Working Capital (NCWC) 448,800,000
Change in NCWC 195,000,000
EBIT 1,363,100,000
Tax Provision 117,400,000
Depreciation and Amortization 947,800,000
Capital Expenditure -1,972,500,000
Unlevered Free Cash Flow 374,846,606
Current Assets 1,624,300,000
Current Cash 144,900,000
Current Liabilities 2,355,800,000
Current Debt 1,130,200,000
Non-Cash Working Capital (NCWC) 253,800,000
Change in NCWC -39,100,000
EBIT 1,152,200,000
Tax Provision 102,200,000
Depreciation and Amortization 938,400,000
Capital Expenditure -1,560,300,000
Unlevered Free Cash Flow 330,376,673
Current Assets 1,467,700,000
Current Cash 23,200,000
Current Liabilities 2,335,900,000
Current Debt 1,184,300,000
Non-Cash Working Capital (NCWC) 292,900,000
Change in NCWC -199,900,000
EBIT 1,195,600,000
Tax Provision 97,000,000
Depreciation and Amortization 913,100,000
Capital Expenditure -1,210,100,000
Unlevered Free Cash Flow 550,510,375
Current Assets 1,681,000,000
Current Cash 160,300,000
Current Liabilities 2,867,200,000
Current Debt 1,839,300,000
Non-Cash Working Capital (NCWC) 492,800,000
Change in NCWC 288,665,000
EBIT 939,000,000
Tax Provision 59,000,000
Depreciation and Amortization 662,400,000
Capital Expenditure -1,069,700,000
Unlevered Free Cash Flow 728,793,099
Current Assets 727,050,000
Current Cash 3,432,000
Current Liabilities 823,717,000
Current Debt 304,234,000
Non-Cash Working Capital (NCWC) 204,135,000
Change in NCWC -32,530,000
EBIT 658,719,000
Tax Provision 151,155,000
Depreciation and Amortization 403,914,000
Capital Expenditure -764,645,000
Unlevered Free Cash Flow 61,301,261
Current Assets 768,382,000
Current Cash 3,066,000
Current Liabilities 1,047,193,000
Current Debt 518,542,000
Non-Cash Working Capital (NCWC) 236,665,000
Change in NCWC 81,081,000
EBIT 681,883,000
Tax Provision 184,540,000
Depreciation and Amortization 365,233,000
Capital Expenditure -1,086,970,000
Unlevered Free Cash Flow -189,349,261
Current Assets 717,141,000
Current Cash 3,231,000
Current Liabilities 836,935,000
Current Debt 278,609,000
Non-Cash Working Capital (NCWC) 155,584,000
Change in NCWC 23,316,000
EBIT 620,997,000
Tax Provision 152,000,000
Depreciation and Amortization 337,565,000
Capital Expenditure -700,228,000
Unlevered Free Cash Flow 73,645,645
Current Assets 700,922,000
Current Cash 4,556,000
Current Liabilities 849,631,000
Current Debt 285,533,000
Non-Cash Working Capital (NCWC) 132,268,000
Change in NCWC -26,723,000
EBIT 632,958,000
Tax Provision 151,270,000
Depreciation and Amortization 312,493,000
Capital Expenditure -852,052,000
Unlevered Free Cash Flow -135,495,806
Current Assets 706,798,000
Current Cash 4,487,000
Current Liabilities 955,399,000
Current Debt 412,079,000
Non-Cash Working Capital (NCWC) 158,991,000
Change in NCWC 2,744,000
EBIT 579,185,000
Tax Provision 123,721,000
Depreciation and Amortization 295,283,000
Capital Expenditure -780,098,000
Unlevered Free Cash Flow -71,656,720
Current Assets 643,075,000
Current Cash 5,829,000
Current Liabilities 846,141,000
Current Debt 365,142,000
Non-Cash Working Capital (NCWC) 156,247,000
Change in NCWC 39,074,000
EBIT 562,133,000
Tax Provision 126,136,000
Depreciation and Amortization 294,833,000
Capital Expenditure -810,209,000
Unlevered Free Cash Flow -87,701,929

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